Speedy Cash, a lending service, offers a variety of short-term cash loans that can be obtained online, by phone, or in-person. Their range includes payday loans, installment loans, lines of credit, and title loans, with a particular emphasis on installment loans. These are typically used by borrowers to manage short-term financial gaps and are repaid with interest come the next payday. For those preferring a direct interaction, installment loans can be applied for in-person at any Speedy Cash location.
Pros and Cons
Pros
Fast Loan Approval. Speedy Cash promises to get you the cash you need quickly and easily.
Multiple Loan Options. Speedy Cash offers payday loans, title loans, lines of credit and installment loans to meet the various needs of its customers.
No Hidden Fees. Speedy Cash is transparent about its fees and charges, and it does not have any hidden fees or surprises in its loans.
Cons
High-Interest Rates and Fees. Loans generally have higher interest rates and fees compared to other types of loans, so it's important to understand the terms and conditions of the loan before applying.
Short-Term Loans. They are meant to be short-term solutions and may not be appropriate for long-term financial needs.
Strict Repayment Terms. If you miss a payment, you may incur additional fees and the loan may have a negative impact on your credit score.
How to Apply for a Speedy Cash Payday Loan?
- Visit the Speedy Cash Website. Go to the official Speedy Cash website using your web browser. You can search for "Speedy Cash" on your preferred search engine and click on the official website link.
- Find the "Apply Now" Button. Once you are on the Speedy Cash website's homepage, look for an "Apply Now" or "Get Started" button. It may be prominently displayed on the main page or located in the navigation menu.
- Create an Account. Click on the "Apply Now" button, and you will be directed to a page where you'll need to create an account.
- Complete the Application Form. After creating your account, you must complete the loan application form. The form will require personal and financial information, such as your name, address, employment details, income, and desired loan amount.
- Review Terms and Conditions. Before submitting your application, review the terms and conditions of the loan carefully. Ensure you understand the interest rates, repayment terms, and associated fees.
- Submit Your Application. After reviewing all the information, submit your loan application through the website.
Conditions and Requirements
Conditions
Loan Amount. The loan amount you can borrow from Speedy Cash may vary depending on the state laws where you reside. Typically, the loan amount can go up to $700, but this may differ from state to state. Some states may have lower loan limits.
Interest Rates and Finance Charges. State regulations also determine the interest rates and finance charges for Speedy Cash loans. Different states may impose different maximum interest rates and fees that lenders can charge. For example, the finance charge for a $150 payday loan in Texas could be 730.80%, but this may vary in other states.
Repayment Schedule. Speedy Cash payday loans are typically short-term loans that require repayment on your next payday. The repayment schedule and options may vary depending on state laws and your agreement with Speedy Cash.
Credit Check and Eligibility. Speedy Cash may perform a credit check to assess your eligibility for a loan, but they also consider other factors like your income and ability to repay.
Application and Approval Process. The application process can often be completed online, and approval is usually fast. Once approved, the loan amount is usually deposited into your checking account.
Renewals and Extensions. Some states allow loan renewals or extensions, but this may be subject to additional fees and regulations.
Requirements
Minimum Age Requirements. You must be at least 18 years old (age may vary by state) to be eligible for a payday loan.
Valid ID. You must provide a valid government-issued identification document, such as a driver's license or state ID.
Proof of Steady Income. You are required to show proof of a steady source of income. This could include pay stubs, bank statements, or other documents demonstrating your ability to repay the loan.
Open and Active Checking Account. To receive the loan funds and for repayment purposes, you must have an active checking account.
Working Phone Number. A working phone number is necessary for communication and verification purposes during the loan application process.
Editorial Opinion
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability. Carefully review all the terms and conditions of your payday loan contract. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.Important
How to Choose a Lender
